by Mehreen Khan, The Telegraph:
The creation of the prosaic-sounding Asian Infrastructure Investment Development Bank (AIIB) has landed the biggest blow to America’s superpower status in the post-war era.
Such is the verdict of former US Treasury Secretary Larry Summers, one of the West’s foremost public intellectuals and a man whose voice reverberates around the corridors of the world’s chancellories.
Mr Summers has hailed the birth of the China-led institution as the moment the US lost its role as “the underwriter of the global economic system”.
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